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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  October 12, 2017 3:00pm-4:00pm EDT

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i consider myself a feminist and i consider that to be a good thing because i think you are a feminist if you see in it for women which is why it's not acceptable that hillary clinton waited so long. if she's really a feminist you stick up for what is right. waited so long. if she's really a feminist you stick up for what is right. unfortunately we are getting some breaking news and step moment on the wildfires and we will get that to you in a second. two days into the first week of earnings seasons and already there is drama. they are beating the streets. we are about to type what it's like. president trump speeding along though. in the last 24 hours he has released more details on his tax plan including a figure on the savings to be have by americans. in this morning he signed an executive order that allows consumers to buy insurance
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across state lines. opening up their industry to mark competition and more competition and hopefully more competitive prices. fear and balance. the republican on today's first step towards doing or undoing obama care. elton john saying that sorry seems to be the hardest word song. she has been all over capitol hill seen that word a lot over the past 48 hours in the facebook coo taking the company's full responsibility for not addressing the new threat of fake ads and fake nudes financed by russia. this is our military and national security sectors. their tracks by a new regulation of a third international cyber attack. this one allowing hackers and data on military weapons but wait until you hear where they
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still and what country. and coming up larry forbes on whether it's really now time for the u.s. government to intervene and stop letting our own ally with our data. we are less than an hour from the closing bell. we are about to tell you. count on is coming right up. as i mentioned we do have this breaking news we've just got in the afternoon numbers update and the death toll from california's wildfires has been hiked again. twenty-eight people never reported killed as horrific wildfires continue to administer california's wine country. hundreds are still reported missing straight ahead we are going talk to the owner of the napa winery who had to
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evacuate his entire family and staff to save them from the killer blaze but what about his business. he hasn't been allowed to go back and check on it. on wall street out of the four averages only one is still in the green right now. we do have the dow industrials down 29. all it takes for any gain for all four of these indexes to write a new pages in the history book. any game whatsoever. even the tenth of a point. this will be a nailbiter you will have to stay with us. we have two mega financials. the two kicking off bank concession season. investors frowning upon a decline in trading revenues but also a concern about
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rising consumer credit card debt. citigroup, down about three whole percentage points. president trump moments ago announcing his nominee for secretary of homeland security. blake burman is seen by at the white house. the president has have a very busy day so far and this all matters to our business news audience. apology if i missed you off the top. it's a busy day. the president started off with executive order on healthcare which is meant to sort of unwind certain portions of obamacare. he announced his nominee for the department of homeland security secretary. it has kind of come full circle on the state. they get announced as the president.
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in the east room. she now succeeds the chief of staff john kelly who left that position. he is the new chief of staff. with all of the partisan bickering is going on here in washington know a surprise it is not new as you know. the president called on the senate to confirm this should not be a partisan issue. i call upon the senate to put politics aside and confirm this tremendously vilified in talented nominee. with a strong bipartisan vote. that's when it comes a full circle. just before that you actually heard from john kelly himself. kelly said he's not going anywhere. he is not frustrated he is not quitting and he doesn't think the president is going to fire him either. we've seen that before. let's be watching this one before.
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thank you very much. president trump promising he will get republicans and maybe some democrats to come on board the tax reform as it were. before the truckers audience in pennsylvania the president said his tax plan will give the average american family at the equivalent of a 4,000-dollar pay raise. can you get the democrats to hop aboard. great to see. a 4,000-dollar pay raise would mean a lot of money some of them your own supporters i would think. in terms of tax reform it really depends on the details. if there's gonna be a tax reform that heightens up the loopholes especially on the high earners if there are real middle-class tax relief that i could before it. the plan that the president and gop leadership released a
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couple weeks ago does not do that. it would raise taxes we would estimate on a majority of my constituents. because of the elimination of the state and local tax deduction and your family in my district it's more likely under my plan. your taxes would go up not down. that's be fair. one senior administration could not explain the math. but nonetheless we have kept bringing this up. it was senator chuck schumer the headset we will come to the table and talk as long as there are no tax cuts for the wealthy and right now i know it has not been scored we don't see that just yet. what does that bring you the democrats to the table russian mark. >> i want to play a constructive role. i don't want to be here just to see it in the way of things
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so i hope on tax reform and i would urge this president again to reach out the democratic members to make it truly bipartisan. do not repeat the mistake of their failed repeal and replace on healthcare when they tried to just work with the republican members and just completely shut us out. the same way it was done in the 1980s it needs to be bipartisan. that is how it was achieved then. if include some democratic priorities. regarding health care. in shifting allowing people to now look across state lines. maybe you could call it no frills healthcare plans. right now it may force them to
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start lowering their prices because the landscape will become more competitive. here is the challenge with it. and having these bare bones insurance plans if you are younger and healthier you will be able to get a lower-priced plan however plant however if you are an older person if you have already health issues. this will make it go up. if you do that in the insurance market. i've watched them make money no matter what and now make it like car insurance. i will have to sit here with some dinky car insurance company i can go across state lines and find the best possible deal. but for to make the analogy to auto insurance remember there are still minimum state standards. have to carry a $25,000 state policy.
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there still needs to be minimum standards or at least make it an insurance policy worth having and not someone who is essentially in name only. maybe that's why our congress in republicans do come in to add that. you've seen that. let's just say it you have a lot of americans who say where is the action here. you guys do not want to be the party of no which is the perception of republicans during president obama's administration but healthcare if the structure wages i know you are waiting on really hard moves there. and then how do you appear like you want to move forward and compromise a bit. let me pick out one of the things you cited. infrastructure. if this president really wants to have a major bipartisan achievement that can be done
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on infrastructure a lot of what he said during the campaign on him infrastructure i happen to agree with. we still have yet to see one built from the and ministration on infrastructure. it makes no sense to me. it would be the right thing to do and i believe it would be in his political interest. if you really want to have a legacy achievement which i know every president does despite the fact that i agree with them on some meetings. i would be willing to put that aside and for the best interest of the american people sign up to a real robust infrastructure plan. we don't see it from this white house. in the meantime phil roe. the republican dr.. about how to change healthcare for the better. we will be with you in just minutes. they are bringing in about 49
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minutes with about ringing. new records all-time high. we've been throwing terms like this around for almost a year now. according to present trump here is work. it is the reason behind the market success and do they agree. in the facebook apology to her. what sheryl sandberg. what they have to say about the new threat. the countdown is coming right back. i accept i don't bike as far as i used to.
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i even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. but no matter where i ride, i go for my best. so if there's something better than warfarin, i'll go for that too. eliquis. eliquis reduced the risk of stroke better than warfarin, plus had less major bleeding than warfarin. eliquis had both. don't stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. eliquis can cause serious and in rare cases fatal bleeding.
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president trump taking credit lasting for the epic bull run and if you look at the numbers you really cannot deny since the election day it has been full steam ahead for stocks. if you look at these numbers wasn't the up 19%. we use election day versus inauguration day because it was right after election day
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that a billionaire businessman would be in charge. nasdaq of 18%. the gains are pretty stunning. but we have to see this. since president obama was in office he also saw tremendous market success most of your 4o1k and 529's and pension funds with president obama's reign inflated over his eight years. of course president trump is still in his first several months but the two different parties kicking off each president. is it really the commander-in-chief that drives the markets. from your standpoint i don't
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think many people have seen a bull run this strong and this consistent in the first couple of months and the presidency in a long time that we head with president trump. it is absolutely true. i will go back to election night. and then of course it came roaring back within the next few minutes. the presidents will take credit for anything they can. really what's been driving the markets in this bull run that we had been on since 2009 when we have those lows has been extraordinarily accommodating monetary policy around the globe. it's not necessarily the policies of barack obama i submit that if you look at most of the policies they are actually in tight business and markets.
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yet the market kept running. it has to do with mullen -- monetary policy. chris, give us your sense who was the driver of this epic bull run when you both head that there. the easing started when bush was still in office. that's really what helped them and really helped us from falling in a huge ditch. to start taking start taking off the balance sheet. i agree with what they said. they will take credit for every good thing.
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if i am advising president trump. if we have a correction he's can have to on that also. it works both ways. and then suddenly we see it. everybody should be calm about their happened throughout history. where do you stand on it. i agree with the bigger concept. i don't think he can you can dismiss the fact that great leaders can help inspire confidence. look at the history of this country. a president obama i actually think he slowed down the recovery and then i think the trajectory of the recovery that we had right now is because of president trump. if you look at the way he is there. this time in office. he added about 1300 regulations. i think what he did today on
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insurance is another reason why this economy is optimistic about the future. i agree completely with that point. some of this has been propped up or inflated by president trump and his business friendly agenda. a good discussion here. they are still kind of meandering down. no fewer than six stocks hit all-time highs. the closing bell is ringing in 39 minutes. it is the likert on the dow jones industrial. done one and half percent. companies are starting to feel the brunt of natural disasters over all on their bottom line. at&t is a latest one to come out and say it expects third-quarter results. the number two while this carrier the s&p down to a
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half%. 's. it had been in the green. and you guys know you're not supposed to use password as your password as admin or your login. that is how some of the most sensitive military secrets just got stolen in a brand-new hack. wait we until you hear where it happened. at how our own ally is becoming a weakness. ♪ can i kick it?
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it is the third major u.s. military intelligence breach not this year, not this month but this week. it can climb to the cyber window. the hacker nicknamed alf still
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a contractor's computer and in doing so was able to steal secret u.s. weather systems. during the final years of the cold war. also a former naval pilot. to the nuts and bolts first. see 130 hercules. it was made by the u.s. company. it is held in australia on a computer. what does that tell you. it tells us that we have to be careful about all of the information our allies have. our allies have to have this because if we ever go to war we have the joint plants. we saw it happen as well in south korea. we to work with them to ensure that they are as careful as they are with them to be able
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to do work at home. the russians were able to get into our best secrets. once this alf creature got the laptop he gained access and you guys our neck and a believe this. by using login names and passwords and password password. do we need to change the way we do business with other companies and nations particularly when it comes to sensitive information. do we need to start ring sensing and protecting our own contractors and data data and finding a different way. i just had a dinner with ernst and young.
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they can get that information. they are using the telephone more. there is no doubt about the fact that we are in a new age. that's why we have a cyber command. not just to worry about this country but all of the people we had allies with. how many members of nato. you like 25 members of nato and could the russians could they get into the e-mails yes, you need to do that. and recognize that just like in the cold war it was recruiting, spies in the country getting people in the country who might be sympathetic to your views to spy on americans and were to have to do that in this era.
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the australian government and i should give them this opportunity no classified details of weapons capabilities were lost. a, do you believe that and b be is it time now the protection is so cost prohibitive. i think they have to work with them. these companies do well with the business they do with the u.s. government but i think it's important to say if you want a contract with us you have to do this or that. that has to be part of the bidding process just like previously we have other things we were concerned about. we have to have. we have to run. but you were at the defense department i would say near the end of the cold war what kind of spy spite mechanisms did you see back then in the 80s. they were individuals that people were using.
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we didn't have e-mails and things like that. they would try to get your telephone and things like that. we were just beginning to have the computers then. they were actually developed by the defense department in case we ever have a nuclear war. that's what we were developing them for. thank you for having me. we are looking at 29 minutes now before the closing bell rings. all of these indexes on your screen have been hitting all-time highs. they lost it all. can they gain it back. is the fact that nearly all of the major health insurers are mostly down at this hour as is it proof that allowing people
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the eagles in the panthers kicking off thursday night football in less than five hours and nfl and its players may have found an unlikely ally in the growing anthem battle debate with president trump. on his show the conservative voice in radio questioned president trump's attempt to sway the behavior of any
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business and its employees seen the attempts to make players stand for the anthem or for owners to punish those who kneel scares the hell out of him. no president should have dictatorial power over individual behavior. the nfl for its part will be holding meetings next week. on how to move forward. on intimate kneeling issue. tired of waiting on congress to get a deal done on health care. president trump took matters into his own hands. signing an executive order that will allow it. we talked about this all throughout this hour. it would allow you the consumer into businesses in employers to buy insurance and shop for the deals across state lines in an effort to boost competition and lower prices. as the president takes the first baby step in the process of repealing obamacare even quoting earlier to have enough votes for the passage why
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haven't we seen a deal on the table. the dr. who served on the front lines pushing the health care plan in the house congressman, thank you for joining us. we just head him saying he doesn't see that while the competition across state lines it may work for younger people the older folks you have to pay more because their health may be deteriorating it will not work for them. explain how you see it working. i thing it's absolutely wrong. the more you encourage competition the better it is. 50% of the counties in the entire country had one choice. or you pay a penalty. i think this is a tremendous opportunity. maybe under this. it will allow them in labor law will allow you to go
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across the country and you will be able to discriminate a sunnier condition. i think it has a tremendous opportunity the house have already passed this legislation many times. we just saw the hospital stocks take a hit. the insurance lobby in washington. it is extremely ironfisted and powerful. they will not like this. something tells me they will not like it. could you bend them from entering negotiations and discussions with any congressman or senate for that matter and keep them away to give you a real opportunity to craft a bill that is not painted by the pharmaceutical lobby or the insurer lobby. if i had 80 or 90% of the
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business in the state i wouldn't would want any competitor either. it needs that to lower the costs. as the only insurance that you can purchase that you cannot purchase across the state line. why not health insurance. let's hear how the president trump said. how this might work. the insurance companies will be fighting to get every single person signed up and you will be negotiated and you will get such low prices for such great care. see mac i could not agree more. it's time to put them on the heels instead of in the front seat but what is the answer if older people start to see their premiums rise even as they are able to cross lines.
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are you able to put something in there that protects the elderly and the poor. they already have medicare. it's really the grew between 60 and 65 before you qualify and maybe people who retire early from their business. i think if you make this planet good enough you will have the right mix of patients. because of all the mandates. as he watched more and more in people are paying the penalty. in my state i bet you the numbers had flipped this year. about 200,000 actually got a subsidy. you have more people paying the tax and the subsidy with a field plan. >> like the cable companies. >> they have to get to the cafeteria style mind mom nate -- may not be interested you
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have to be able to pick and choose what works for you. thank you so much. we are about 18 minutes away. one of the members of the house moments ago past and natural disaster aid package that includes more than a half billion dollars in wildlife relief funding with no let up in sight. could that number be revised even higher. we speak to one business owner a winery who has seen the worst of mother nature most vicious move. nah. not gonna happen.
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>> just before we went to a break we show you the senate floor where the house did pass at 36 and half billion dollar disaster aid bill which includes most all of it for the hurricanes that had hit houston and florida and then about a half a billion dollars out of the $36 billion in aid for that california wildfire victims. the death toll marks the state's greatest loss of life from a single fire event in the past 84 years. twenty people have been killed. and we've hundreds still missing. this could get much worse and much more expensive. the most visitors come to view the grape harvest. it's about one point 93. hall wines is located in the hap heart of napa valley and produces the great that makes cabernet sauvignon.
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mike, how are you in your and your family and your employees doing. it's a mixed bag. there is a lot of devastation in the community. people have lost their homes a lot of people don't know yet. a lot of our folks are still in evacuation centers i would say because we can't can get to a lot of the remote areas part of the biggest answer is we don't know. they have not let you go back to see orc set -- assess the damage yet. there are a lot of places where they had set up barricades and they are not allowing people to go in to get the fire is on. and because they are a freighting -- afraid the wind will shift. we hope to get into some of the areas in the next couple of days but we don't know for a while.
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and you head about 400 acres of vineyards is that correct. as i understand it these are grapes that had thicker skin so they head at least a chance of holding up against some fire correct? one of the things that happened ironically is that tenured's are good fire breaks. they tend to go around the vineyards but they still can be damaged we had been hearing about the so-called ashy grapes. as the grapes get the ashes on them that had child via winds the taste is ruined. we in the united states don't have a huge amount of experience with this. we will learn more as we go along. one thing with one vineyard is gone.
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and this is one of the older ones. it is so dramatic here. do you think at some point to open the tasting room were still selling your wine? >> for sure. when the fires died down i think. but again the fires are still burning. it has been an evolving challenge. do you think congress about half a billion dollars in it disaster aid is enough. they are jumping highways and freeways, they had torched thousands of homes. hundreds people missing. do we have an idea if that's enough. i don't have an opinion on that. one of the challenges here even in the valley is that well had great information
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about what's going on around us. there are three fires affecting napa county and there's more fires in sonoma county. this is a multi- faceted front. this is it frightening to me. the flames look like they are coming over the mounds you're putting yourself at risk. it was across a pretty big valley. about half a mile from my house. it was quite a thing. my wife and kids have gone out of the house at that point and i went up just to see how close and how bad it was. but it was real and it was very close. micah, please keep us posted and we do wish you good luck on this. we really do. can i say one more thing?
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>> our owners are putting together a fund to support people who have been hurt by the fire in their matching up to a hundred thousand dollars in donations if people go to our website you can find out how to donate. the fires are not even doused in you are already doing that. mike reynolds of hall wines. and there is a donate link. thank you so much. dow has increased and we are coming right back.
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but block busing. it is down about 8 1/2%. over past couple years it's a real spike. >> it is busting through the downside. cleveland research looks at company and looks at fundamentals of the company, a few issues in near term. we're looking at number one, slow down in the cosmetic industry they say. lvmh is a, you know itthe big issue is amazon and some customers turning to amazon. this stock moves to 1 1/2-year low. down to 17 bucks, a loss of 8 1/2% as we go into the closing bell. liz: wow, retail ice age is putting frost all around. thank you, nicole. 3 minutes 30 seconds to go we're seeing a bearishee versal.
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bearish reverse al. we're getting near yesterday's lows. isn't that when all good things, a sign of all good things coming to an end? we have vision funds, heather zumarriaga joining us right now. give us a sense what you're seeing in the final few minutes. the market is pulling back a little bit. we're not clear if tax reform will happen. part of that may be priced at these levels. if we see more capitulation we could see a pullback of 10 to 15%. liz: what will be trigger for that? we're trying to get up off the floor with the dow, s&p and nasdaq? >> the trigger would be we can't get tax reform passed. technology sector led markets higher for better part of this year. i think if you see the technology sector continuing to roll over, you don't see participation in other sectors pick that up, then the selloff
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could continue to happen as, as investors just look to pile on some cash, and we take a breather here. liz: i'm also alwaysed to hear people say they're watching the tax issue and tax reform plans. jamie dimon of jpmorgan said if corporate taxes are cut, that will boost jobs and it will boost wages. he is not in government here. he really wants to see that. let's advise the viewers what to do if perhaps five to 10% correction coming? >> you're right. if that happens, the sector that stands to benefit the most on disproportionate level relative to the other sectors in the s&p 500 is technology. health cares as well. they have, technology sector has most cash stored overseas. bring that back here in the u.s. in 2004, we saw $300 billion move into share buybacks and boosting dividend. that may not be the best way to
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boost economic growth. but it boosts prices. liz: heather zumarriaga. transports pulling out another record. [closing bell ring] red, red, red, for rest of the market that will do it for the "claman countdown." see you tomorrow. david: dow falling further into the red. major averages hitting new intraday highs, but failing in the end to record closes. hi, everybody, i'm david asman? melissa: i'm melissa francis. this is "after the bell." we have big market movers but here is what else we're covering for you during this very busy hour. going at it alone, president trump doing what congress couldn't. rolling back obamacare on his own terms. what it means for the future of health care. plus dramatic new developments in the harvey weinstein scandal. the disgraced producer is responding to the assault allegations t

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